The ‘AA’ Issuer Default Rating (IDR) and subordinate lien bond rating reflect the authority’s very strong financial profile in the context of its very strong revenue defensibility and operating risk profile, both assessed at ‘aa’. The strength of the revenue defensibility is rooted in the authority’s independent ability to increase user charges for both retail and wholesale customers without external oversight as well as its location within a robust economic area. The operating risk profile reflects a very low operating cost burden and moderate life cycle ratio.
Thu 27 Jun, 2024